ETH/USD chart analysis 29 Jan 2018

We spent our weekend as usual going through chart after chart, always on the look for trading ideas and opportunities. In this post we would like to share some insight on ETH/USD, 240 hours chart analysis:

Key points supporting further up-moves – Bullish view

ETH/USD broke uptrend line from All-Time-High ATH 1,424, from a pennant chart pattern.

A pennant is a bullish continuation pattern.

If we take the breakout point and add the size of the pennant, the target price is approximately 1738.

To achieve this ETH/USD must re-test previous ATH

And most important with supporting daily volume increase.

Key points supporting further correction – Bearish view

Pennant break out day not with high volume.

As long as up moves not supported by increasing volume, we remain cautious